NSE stocks in ban period for 28th March 2013
HDIL , IVRCL Infra.
Thursday 28 March 2013
Wednesday 27 March 2013
Nifty Update
Nifty 60 mins
Nifty Daily
Nifty Weekly
Crucial Moment in NIFTY.
Observe all three charts posted above.
A close look at the 60 mins chart tells us that with break of the trend line and divergence in RSI, can very likely give us an up move. With the index currently in an accumulation mode, the up move can take Nifty testing it's resistance ( support in the previous post) at 5675-80 as its first level. Currently, index stands at 5640.
The daily chart, also shows divergence starting to form in RSI. Along with this divergence, the last trading session on the price charts shows a gap down opening which could not be sustained. Co-relating the 60 mins and daily charts, if Nifty goes up tomorrow, and closes with a strong bull move for the day, we can witness a morning star, which will validate the RSI divergence on daily charts.
The current level of Nifty, is also the lower level of the on going downward channel on the Weekly charts. (see weekly chart.).
Combining all three charts an upmove now on can take Nifty at 5675-80, as it's first target. This level is also the 61.8% retracement which we have been following on weekly charts. A break above this level, will take Nifty to another leg up at 5720 as it's next level and the next resistance on 60 mins chart.
However, the longer bias is still on the negative side, till we see a valid breakout of the downward weekly channel.
Monday 25 March 2013
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NSE stocks in ban period
NSE Stocks in ban period for 25th March 2013.
HDIL , IVRCL Infra, Punj Lloyd.
Friday 22 March 2013
Wednesday 20 March 2013
Nifty Update.
It's an Elliot's and Fibonacci's Nifty.
As witnessed by the Nifty weekly charts, the Indian Benchmark Index has been perfectly moving as per the Elliot's and Fibonacci's rules.
Ever since January 2012, when Nifty showed it's first sign of an uptrend, it never deviated from the Retracement levels of the previous downtrend which arose due to the world wide recession. In just a span of an year, i.e. Nov 2010 - Dec 2011, Nifty got brutally slaughtered and fell from 6350 to 4540, losing 1810 points. With the piercing line in Dec 2011, index showed first signs of reversal, which later got confirmed by the steep rally in Jan 2012. This rally ended at 61.8% retracement of the previous downtrend and ever since then, time and again all other Fibonacci levels are being tested (see the white dotted lines in the chart).
This up move in Jan 2012, also lead to the beginning of the new Elliot Wave. Presently we are into the 4th corrective wave, which is surely going to be a zig-zag correction. The 3rd wave recently ended with a diagonal triangle formation ( see the white flat and dotted line, Dec 2012 - Jan 2013 ).
Coming back to the sharp rally in Jan 2012, which was our 1st wave, gave correction of 76.4% which ended to form our 2nd wave. If we apply retracement levels in the 1st wave, one will notice that every level of retracement acted as support and resistance, though for a very short time. But once the third wave broke the top of the first wave, we switched over from retracement to projection ( see the yellow dotted lines in the chart ), to know the next levels of our index. These levels were highly respected and were witnessed by the third wave ending with a diagonal triangle and also at 138.2% projection.
The ongoing fourth wave gave the bounce to test the moving average by making bullish matching lines, at the levels of 5674 and 5678. Once this support is broken we may see Nifty moving further down till 5550-5600 as the next levels of the ongoing wave. Till then the support of 5675 will remain intact.
Hence, all above studies clearly personify our title and hopefully, the future will again let us all signify the validity of Elliot and Fibonacci.
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